New Cos Bill next year: Salman

The much-touted Companies Bill, 2009, which was to empower the Serious Fraud Investigation Office (SFIO) with more authority in the wake of the 'Satyam Scam', was not likely to be tabled in the Winter session of the Parliament, beginning November 19.

The Parliamentary Standing Committee is currently vetting the Draft and is incorporating many clauses, including punitive powers to SFIO. The ongoing review is not likely to be completed (during the Winter Session of Parliament) and the Bill could come up only next year, according to Union Minister of State for Corporate Affairs Salman Khurshid.

The SFIO was in its last stages of filing its report on Satyam Scam, which is likely to be very soon. However, the SFIO would not investigate the aspects of siphoning of funds from Satyam, he said. "The entire gamut of funds siphoning of Satyam in the wake of the Rs 7000-odd crore accounting fraud disclosure would be looked into by the Enforcement Directorate and CBI " the Minister told the media on the sidelines after inaugurating the three-day National Conference of Institute of Company Secretaries of India (ICSI), which began here today.

CBI teams have been to Mauritius to unravel the possible siphoning of funds and the second charge sheet on Satyam Scam is likely to be filed by them soon in the Special Court set up for fast-tracking the case.

-- (UNI) -- 05MS23.xml

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